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A Virginia power of attorney is a legal document that provides the authorization for an individual, referred to as the agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the individual granting this authority. A Virginia POA is most often used in estate planning. However, there are other times when a POA is also incredibly useful.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or the attorney-in-fact.
A Virginia power of attorney is a power of attorney form must comply with Uniform Power of Attorney Act, Chapter 16 of the Code of Virginia. This code specifically outlines the parameters of a legally enforceable power of attorney and ensures that the form, as well as its duties, are protected under the law. Here are some of the state’s power of attorney requirements:
As of 2010, the principal is required to clearly list the agent's authority. That is where the term "hot powers" comes from. Common hot powers include an agent's authority to make gifts; the agent's ability to create, amend, or revoke an inter vivos trust; create or change rights of survivorship; create or change a beneficiary designation; delegate authority granted under a POA; waive the principal's rights to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan; or exercise fiduciary powers that the principal has authority to delegate.
The principal retains the right to revoke (terminate) the power of attorney as long as they are competent, including durable powers of attorney. Additionally, a Virginia power of attorney terminates when:
There are many reasons why someone would use a Virginia power of attorney to give another person the ability to make decisions related to their tangible property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s need for a power of attorney varies depending on their circumstances. There are several types available. Before you decide which to use, seek legal advice and ask about which would best suit your needs as well as how to revoke a power of attorney if it becomes necessary. Here are the most commonly used Virginia power of attorney forms.
General Power of Attorney
A general power of attorney grants a broad power to an agent to handle the affairs of the principal.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited (Springing) Power of Attorney
A limited power of attorney, also known as a special power of attorney, grants limited power to whatever the principal specifies.
Medical Power of Attorney
A medical power of attorney is a POA that gives the agent the ability to make healthcare decisions on behalf of the principal.
Minor (Parental) Power of Attorney
A minor (parental) power of attorney allows a parent or a guardian to grant decision-making rights over their child to a temporary guardian in the event that the parent or guardian may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney, officially known in Virginia as Form PAR-101, allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to Virginia Tax on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney, officially known as Form VSA-70, which allows the agent to buy, sell, and handle the necessary paperwork with the Virginia Department of Motor Vehicles on the principal's behalf.
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